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  • Neoplan Ghana Ltd Shuts Down on January 31

    Neoplan Ghana Ltd Shuts Down on January 31

    Neoplan Ghana Limited, one of the country’s surviving coach manufacturing businesses in the 1970s, has announced a total shutdown on Friday, January 31, 2020 because it is no longer viable.

    A memo to all staff of the company in Accra and Kumasi announcing the closure of the company, which was established on December 12, 1974, cites the lack of contracts and recurring monthly losses as reasons for the shutdown.

    The company said the last time it was given a government contract was in 2002, which ended in 2010 and saw the production of 450 DAF/VDL buses for the Metro Mass Transit Ltd.

    Dated January 15, 2020, and titled “Closure of Neoplan (Ghana) Limited”, the memo signed by the Managing Director of the company, Mr. Georges Nassar, a copy of which is in the custody of the Daily Graphic, states: “Management regretfully informs you that Neoplan (Ghana) Limited will be closing down its branches on 31st January 2020.”

    “This is due to the lack of contracts and recurring monthly losses incurred. As a result, all employment contracts with the company will be terminated as of the said date until further notice,” the memo added.

    Mr. Nassar confirmed the imminent shutdown. He said the decision had been informed by the inability of the minority shareholder, the Fadoul Group, to continue funding the company all by itself, while the government which was the majority shareholder contributed nothing to its running.

    “In the past six, seven years, we have been running the company ourselves without any contribution from the government. In 2016, we asked the government to buy additional shares from them so that we can finance the company ourselves.

    “In 2016, we paid them for the shares. They didn’t give us the shares and they kept the money with them,” an exasperated Mr Nassar said, adding that the money paid for the shares was $173,000.

    He explained that the money was paid to the Divestiture Implementation Committee (DIC) but the cheques were never released, yet the money was never returned.

    In addition, he said since 2016 the minority shareholders had invested about GH¢10 million in the company, while about GH¢260,000 had been lost every month in revenue during the period.

  • SEC LISTS CBG BRANCHES FOR INVESTORS TO BEGIN VALIDATION PROCESS

    SEC LISTS CBG BRANCHES FOR INVESTORS TO BEGIN VALIDATION PROCESS

    SEC LISTS CBG BRANCHES FOR INVESTORS TO BEGIN VALIDATION PROCESS

    The Securities and Exchange Commission has directed investors with locked-up funds in the 53 collapsed fund management companies to visit some specific branches of the Consolidated Bank Ghana to begin processes to retrieve their investment.

    In a statement issued on Wednesday, the capital market regulator the designated CBG branches will from November 18, 2019, open to receive from clients of the affected FMCs, evidence of investment claims such as investment certificates, account statements, receipts and other relevant documentation for validation.

    “The offices of the affected FMCs will remain closed until further notice. We will issue further notice on commencement of payment to investors whose claims have been validated,” the statement.

    Attached is the list of the CBG’s branches for customers to commence their validation processes.

    by: Pearl Abaidoo-Abbam

  • ANGLOGOLD ASHANTI SNATCH 2 AWARDS AT GHANA BUSINESS AWARDS

    ANGLOGOLD ASHANTI SNATCH 2 AWARDS AT GHANA BUSINESS AWARDS

    AngloGold Ashanti Obuasi Mine featured prominently at the 2nd Edition of the Ghana Business Awards.

    The mining giant was adjudged overall winner for Excellence in Health, Safety and Environment Quality (HSEQ) award while the Managing Director, Eric Asubonteng received the Excellence in Business award.

    The recognition for the HSEQ award was for the mines adherence to regulations, sustainability, operational excellence, innovation in the areas of safety, health and environment across since the inception of the Obuasi Redevelopment Project early this year.

    This year’s awards ceremony was held on Friday, 25th October 2019, in Accra, under the theme: “Driving Corporate Entrepreneurship via Industry-Academia Partnership”.

    The Excellence in Business award was for the exemplary leadership demonstrated by the Managing Director for successfully leading the mine through its Care and Maintenance, Relaunch and Redevelopment Stages preparing for its first gold pour by end of the year.

    Mr Asubonteng was positive the awards were in recognition of the good leadership and teamwork being exhibited on the Obuasi mine and would motivate them to continue to forge ahead and propel them towards its first gold pour in December this year.

    He said since the reopening of the Obuasi mine, they have demonstrated track record of consistently creating shared value for their Communities and all stakeholders whiles maintaining operational excellence.

    The Ghana Business Awards is a prestigious awards programme that recognises and rewards individuals and companies that play a significant role in the growth and development of their business sector in Ghana.

    Story by: Pearl Abaidoo-Abbam

  • MENZGOLD TO COMMENCE VERIFICATION OF DOCUMENT FOR SETTLEMENTS

    MENZGOLD TO COMMENCE VERIFICATION OF DOCUMENT FOR SETTLEMENTS

    Menzgold has announced outlets in the various regions for their customers to go and verify their documents in order for settlements to be made to them.

    A statement by the gold collectible firm said the document authentication period will begin on October 28, 2019 and end on November 28.

    The outlets where the exercise will take place Mile 7 in Accra, Osu, Kasoa, Bogoso among others.

    Below are details of a statement from Menzgold,

    Menzgold schedule for payment: Commencement of Validation As a part of our efforts to finally discharge our financial obligations to our cherished customers, we have tabled down the following schedule to commence the process of validation in order to settle all verified claims of our customers.

    All customers are to take note of the following:

    1. Validation of documentations starts from 28th October to 28th November, 2019. Time: 9am-4pm each working day.

    2. Designation outlets for this exercise are as follows:

    GREATER ACCRA REGION

    a) Osu Opposite Osu Police Station, behind Glory Oil Filling Station. b) Dansoman After Dansoman Roundabout, Bechem Bus stop. c) Odokor Opposite Anointed Electricals Company. d) Mile 7 Adjacent ECOBANK. e) Madina-Tamale Lorry Station. f) Awoshie Opposite Victory Bible Church. CENTRAL REGION a) Kasoa Opposite Walantu Junction, after Justap Clinic.

    ASHANTI REGION

    a) Adum Adjacent Melcom. b) Bremang Behind Bremang Park, adjacent Church of Christ.

    WESTERN REGION

    a) Bogoso Adjacent Multi Credit.

    Story by: Pearl Abaidoo-Abbam.

  • YOUTH URGED TO RELY ON ARTISANRY JOBS.

    YOUTH URGED TO RELY ON ARTISANRY JOBS.

    One major challenge facing Ghanaians youth is unemployment after completion of tertiary education, the only option is to Join the unemployment graduates association since their desire is to get a white color job.

    For that reason,  Madam Vivian Agbeko who is the CEO of the Pavico2020  Catering service and Sugarcraft Institute has challenged the youth to go into artisanship since they can create job opportunities for themselves and stop depending on office work or relying on the government for a job.

     The Chief Executive Officer further explained that her motive for establishing the institution is to empower their youth to get their own job and have a good standard of living.

    She disclosed this to the media during the 1st graduation ceremony in the Greater Accra region adding that it’s unfortunate for a  country like Ghana having unemployment graduates association.

    Madam Vivian Agbeko was quick to reteraite that, people who go into Artisanry jobs are very brilliant and intelligent but not shallow-minded.

    Story by Emmanuel koranteng.

  • Challenges with purchasing prepaid credit fixed – PDS

    Challenges with purchasing prepaid credit fixed – PDS

    Power distributors, PDS say they have fixed the challenges that made it impossible for some consumers to purchase power during the weekend.

    “Affected customers can now visit their District Office or the closest prepaid vendor shop to buy,” a communiqué from PDS said.

    Consumers took to social media to complain about the difficulty in purchasing power over the weekend.

    Others shared pictures of long queues of people waiting at vending points after dark to purchase the utility.

    PDS did not state the cause of the challenge but apologised “for the inconvenience caused to affected customers.”

    Story by: Pearl Abaidoo-Abbam

  • Electricity tariff up 5.94%, water 2.22%

    Electricity tariff up 5.94%, water 2.22%

    Three months after the last adjustment, the Public Utilities Regulatory Commission has announced an upward review of electricity by 5.94%

    It also announced an increase in water tariffs by 2.22% bringing the combined increase to over 8%.

    In a statement Monday, the PURC explained, the increase in tariffs was determined by the Automatic Adjustment Formula (AAF) which considers eight factors including inflation, in arriving at a review.

    Electricity-dikoder.com
    Electricity-dikoder.com

    PURC announced, consumers should expect the increase to kick in on October 1, 2019.

    The PURC in June 2019 announced an 11% increase in electricity which took effect July 1.

    Story by: Pearl Abaidoo-Abbam

  • Ghana moves to revive trade ties with Czech Republic

    Ghana moves to revive trade ties with Czech Republic

    Ghana has called on Czech Republic, Tomas Patrick to revamp industries it set up in the country during the 1950s.

    The West African nation has also urged the Government of Czech Republic to assist with the establishment of factories that have been identified by the Government through the One District One Factory policy.

    Foreign Minister, Shirley Ayorkor Botchwey made the call as she held bilateral talks with her counterpart from the Czech Republic, Tomas Patrick, in New York, USA, on the sidelines of the 74th session of the UN General Assembly.

    She expressed the determination of Ghana to build stronger bilateral relations with the Czech Republic for the mutual benefit of their peoples.

    Madam Ayorkor Botchwey acknowledged the contribution of the Czech Republic to Ghana’s socio-economic development during the early independence era and further mention the assistance provided in the establishment of a number of factories including the Aboso Glass Factory, Saltpond Ceramics, Kade Match Factory, Komenda Sugar Factory, and the Kumasi Shoe Factory.

    She disclosed that the Government of Ghana remains mindful of the importance of the manufacturing sector to achieve economic growth, and its renewed focus on adding value to primary products and raw materials through the industrialization of the economy for enhanced export returns and job creation for the youth.

    As a result, she observed, the Ghanaian Government was implementing an economic policy of “One District One Factory”, which seeks to equip and empower communities to utilize their local resources in manufacturing products for local and international consumption.

    According to her, opportunities abound for cooperation between the two countries in the areas of agriculture and agro-processing, construction, manufacturing, energy, oil, services, and security.

    She urged the Czech Government to further consider enhancing cooperation with the Government of Ghana in the aforementioned areas.

    The Minister recalled the strong cultural and technical cooperation that has existed between the two countries, which enabled many Ghanaian students to pursue studies in diverse fields such as health, engineering, and agriculture on Czech Government scholarships in the past.

    She acknowledged the immense impact that the beneficiaries of these scholarships have had on the national development of Ghana and take advantage of the opportunity to propose the renewal of such cooperation and scholarship schemes.

    She stated Government’s policy of engaging and tapping into the expertise of Ghanaians in the diaspora to accelerate national development and underscore Government’s commitment to supporting the work of Dr. Karl Laryea as well as Dr. John Logah, a Ghanaian Neurosurgeon in the Czech Republic who intends to establish, together with his colleague specialists, a Ghana Bone Marrow Transplantation (BMT), in the country for the management of sickle cell disease on a non-profit basis.

  • COCOBOD SIGNS AGREEMENT TO ESTABLISH PROCESSING FACTORY.

    COCOBOD SIGNS AGREEMENT TO ESTABLISH PROCESSING FACTORY.

    The Ghana Cocoa Board (COCOBOD) has signed an agreement with the China General Technology (Group) Holding (Genertec) for the establishment of a cocoa processing factory in Ghana.

    The factory, which will be located at Sefwi-Wiawso in the Western North Region will be operated by COCOBOD and Genertec through a Public-Private Partnership (PPP).

    Implementation of the plan for the construction of the cocoa processing factory will involve the China International Development Operating Agency, with funding from the China Development Bank (CDB) and the Sino-African Fund.

    The project holds great potential to contribute significantly to the improvement of the Ghanaian economy, and particularly, for the local economy of the Sefwi-Wiawso area, said the Chief Executive of COCOBOD, Hon Joseph Boahen Aidoo, in his address to the Chinese delegation led by the country’s Ambassador to Ghana, Mr. Zhou Wang. The signing ceremony took place at the Cocoa House in Accra.

    The project, Hon. Aidoo added, also has the potential to grant Ghana access to the huge Chinese market of well over a billion people. There lies a unique opportunity to reach several-million consumers of cocoa made and processed in Ghana.

    “This is a project that is going to benefit both countries,” he said with some glee. “It is going to be of mutual benefit; a win-win situation. Ghana will benefit and of course, China will as well benefit.”

    Hon. Aidoo said, the project will also aid in COCOBOD’s drive towards and also increase local consumption and more importantly, it fits into the agenda of the present government, that Ghana should increase its share of the USD$ 100 billion global cocoa industry through value addition to cocoa beans.

    “It is a matter of taking a bigger part of the global value chain, worth over USD$ 100 billion annually. Once the comprehensive feasibility studies are completed, we are looking forward to the commencement of the project.”

    On his part, Mr. Tan Xinghui, the Vice President of Genertec said the company already has some foothold in the Ghanaian cocoa sector spanning some 15 years, however, the establishment of the cocoa processing plant commences a new model of corporation between Ghana and China.

    Although China has invested in other sectors of Ghana, they are yet looking for other opportunities where the two countries can cooperate for mutual profit and a deepening of relations.

    “We regard Ghana as the regional hub”, Mr. Tan Xinghui added. “We believe that our portfolio in Ghana is not yet enough, so, basically we are looking forward to expanding our investment here in Ghana and that is why we are here today.”

    The Chairman of the Board of Directors of COCOBOD, Mr. Hackman Owusu Agyeman, was grateful for the co-operation and was hopeful that the project will commence in due time to achieve the objective of expanding the consumption of cocoa in the country.

    He was positive that the mutual relationship between the two countries will be further strengthened.

    Story by Emmanuel koranteng. |DFM|DIKODER.COM|

  • Threatening to sue Bank of Ghana-Adongo

    Threatening to sue Bank of Ghana-Adongo

    The Member of Parliament for Bolgatanga Central Isaac Adongo has threatened to sue the Bank of Ghana (BoG) over what he called its non-compliance with its laws.

    In the letter to the Attorney General written by his lawyers, Mr. Adongo suggested that it was ironical for the Bank of Ghana to abolish the financial sector with its formulated law but “[the BoG] has itself fallen foul of its duties under the Bank of Ghana Act.”

    The lawyers referenced section 53 of the Bank of Ghana Act which requires the BoG to submit a report to Parliament once every six months on all foreign exchange received and payment and transfers outside Ghana, the conduct of activities under its mandate and any other relevant functions.

    He stated that “the Bank of Ghana has either failed and or neglected to comply with this statutory reporting requirement and is therefore in clear breach of the Bank of Ghana Act.”

    “In the circumstances, our client instructs us to serve notice, which we hereby do, that he intends to proceed to court to compel the Bank of Ghana to comply within the law within one month of receipt of this letter by your office.”

    Mr. Adongo had written an article on this issue where he called the BoG “a lawless entity.”

    He said the Central Bank was setting bad examples for corporate governance in the financial sector.

    “You will recall that by May 2018, BoG was in breach of its obligation to publish its audited financial statements by 31st March. I subsequently drew attention to this breach and it was finally rectified.”

    In that article, he was questioning the source of $800 million the BoG was to use to shore up the cedi which was fast depreciating at the time.

    The MP for Bolgatanga Central Mr. Isaac Adongo urged the BoG to “comply with its obligations to Parliament and answer for its gradual reserves and the deteriorating health of the cedi.”

  • TECHIMAN TOMATO FACTORY ALMOST READY FOR PRODUCTION UNDER 1D 1F.

    TECHIMAN TOMATO FACTORY ALMOST READY FOR PRODUCTION UNDER 1D 1F.

    The Chief Executive officer of TECHIMAN Tomato Factory in the Bono East Region said that it is almost ready for the production of a variety of Tomato paste for consumption and exportation which will create employment for over thousands of youth in the Bono East Region.

     In an interview with journalists in Techiman after taken them round to inspect the facility, Mr. Will A Ofori the CEO said there has been a study on pwalugu and Wenchi Tomato factories why they failed hence have put a strategy to curb any future misfortune but rather to make the company more viable and sustainable.

     Mr. Will Ofori has, therefore, urged the Government to as a matter of urgency to release the fund to the company to be able to start operation immediately. He concluded by urging all citizens to support the company to be able to succeed.

    Story by: Emmanuel koranteng.

  • CONCERNED DRIVERS ASSOCIATION CALL FOR 30%INCREASE IN TRANSPORT

    CONCERNED DRIVERS ASSOCIATION CALL FOR 30%INCREASE IN TRANSPORT

    We the Concerned Drivers Association are calling on the government to increase transport fares by 30% following the recent increase in fuel prices.

    The latest hike in fuel prices is having a toll on our income hence the need for government to increase transport fares by 30% with immediate effect.

    We are being cheated, every time the prices of fuel go up but transport fares remain the same. How is the government expecting us to get our money to take care of our families? We want the GPRTU and the government to increase the fares to about 30 percent because currently we the drivers are at a lost.

    Other Related Stories

    Prices of petroleum products have gone high after the National Petroleum Authority (NPA) directed the Oil Marketing Companies to start applying the revised Energy Sector Levies, we can’t afford to work in vain.

    We the Concerned Drivers Association members can no longer bear the rising cost of fuel and its impact on the transport business hence the decision to pass it on to passengers.

    Story by Emmanuel koranteng

  • Transport fares to go up by 10%

    Transport fares to go up by 10%

    The Ghana Private Road Transport Union (GPRTU) says effective September 16, public transport fares will go up by 10 percent.

    Explaining the basis for the increment, the Union said the various components that go into the running of commercial transport services has gone up.

    “This is to accommodate predominantly an increase in fuel prices,” Kwame Kuma, the National Chairman of GPRTU said in a statement, Tuesday.
    For some time now, the Union has called for an increment in their fares as prices of spare parts have gone up.

    The increased fares will cover intra-city (trotro), intercity (long-distance ride) and shared taxis.

    Mr. Kuma advised all members of the Union to comply with the “new fares and post the fare list at the loading terminals so as to avoid any confrontation with the traveling public.”

    The last time fares were increased was in January 2018.

    Story by: Pearl Abaidoo Abbam

  • JAPAN’S TRADE ORGANISATION TO FRAMEWORK GHANA OFFICE

    JAPAN’S TRADE ORGANISATION TO FRAMEWORK GHANA OFFICE

    The Japan External Trade Organization (JETRO), the Japanese institution imposed with consolidating Japan’s efforts in export and speculation promotion, has signed an MoU with the government to establish an office in Ghana.

    Ghana playing host to the largest number of Japanese businesses in West Africa, the Chairman and Chief Executive Officer of JETRO, Nobuhiko Sasaki, stimulated that the establishment of the office will surely lead to the furtherance of the promotion of Japanese businesses in Ghana. 

    At the signing ceremony in Yokohama, on the sidelines of the 7th Tokyo International Conference on African Development, Chairman Sasaki indicated that, in order to drive more Japanese companies into Ghana, “we would like to launch the office sometime in March next year.

    FOR MORE NEWS

    He was confident that, with the establishment of the office, “more than we have before, we will be able to continue to build on the number of Japanese businesses operating in Ghana”.

    President of the Republic of Ghana Akufo-Addo

     The President of the Republic of Ghana Akufo-Addo, in his remarks, expressed his delight at the signing of the MoU with JETRO, and its subsequent decision to set-up shop in Ghana. 

     The President Nana Addo indicated that we are very interested in deepening economic relations between Ghana and Japan, and to that extent, we have spent the last two years trying to improve the fundamentals of the Ghanaian economy so that we will be in a better position to attract investments and interests from Japanese companies. 

    BY: Theresah Mensah|DIKODER.COM|DFM

  • A BAN ON IMPORT OF VEHICLES OVER 10 YEARS OLD TO BE IMPLEMENTED- KYEREMATENG

    A BAN ON IMPORT OF VEHICLES OVER 10 YEARS OLD TO BE IMPLEMENTED- KYEREMATENG

    Trade and Industry Minister Alan Kyeremateng says the government is ready to implement a ban on the importation of vehicles older than 10 years among other measures as part of efforts to create a competitive automotive industry while protecting Ghanaians from the dangers of old vehicles.

    He made the comments at the launch of the new Ghana Automotive Development policy here in Accra.

    According to the Minister, the Automotive Industry plays a strategic role in economic development in respect of employment creation, contribution to GDP, and building of industries like metals, glass, plastics, rubber, and electronics.

    He also pointed out the benefits to other areas such as vehicle financing, insurance, warehousing, automobile parts, after-market services, among others.

    “The difference between what we did in the late 60s and now is the fact that we are now making sure that we have an Auto Policy. People have lost faith in governments, but I can tell you that if we don’t do anything at all, at least we can provide a framework and an environment for the private sector to succeed.”

    Among the strategic objectives of the policy is the establishment of a competitive automotive industry, generation of highly-skilled, well-paid jobs (direct and indirect) in automotive assembly, the pursuit of import substitution and exports to improve the balance of payments and the improvement of road safety for all Ghanaian.

    The staff of Standard Chartered last Friday undertook a clean-up exercise at the Accra Rehabilitation Centre and also donated assorted items for the upkeep of the students at the Centre.

    Commenting on the essence of the initiative, Asiedua Addae, Head of Corporate Affairs, Brand and Marketing said the outreach was part of activities to mark the Bank’s Total Wellness Week celebrations and forms part of the Banks overall community engagement agenda.

    The total wellness week celebration focused on encouraging employees to make quality choices around the seven dimensions of wellness – Spiritual Intellectual, Occupational, Social, Emotional, Mental and Environmental.

    BY: Pearl Abaidoo-Abbam |DIKODER.COM|D FM